By: Bedour El Raie
Dubai – Mubasher: Danube Properties’ project portfolio has grown in 2018 to encompass 12 projects, housing 5,019 units, bringing the total value of its portfolio to over AED 4 billion ($1.09 billion) in 2018, the firm’s director and partner revealed.
Speaking to Mubasher in an exclusive interview, Danube’s Atif Rahman further said that his company has delivered 831 units this year worth AED 1.12 billion, added to 171 townhouses in the head of Dubai as part of the Dreamz project in March at AED 500 million in investments.
In terms of mergers and acquisitions, Rahman said that his company was not considering any but that it was wanted to “grow organically, as we see enough opportunity for us to grow in this market on our own.”
Below is Mubasher’s exclusive interview with Danube Properties’ director and partner Atif Rahman:
Mubasher: What is the volume of Indian investments in your company? What is the most important nationalities of investors in Danube?
Atif Rahman: The Indian community – due to its sheer size – is one of our largest group of home-owners and investors. However, we have a very good mix of property buyers from all major countries.
Mubasher: What are the latest developments in the Jewelz Project? What is the value of investment in this project and when will it be delivered?
Atif Rahman: We have already awarded the AED 149.5 million main construction contract of the Jewelz project to Cast Construction LLC, a Dubai-based civil construction company, our tenth residential project to be built at Arjan, near Miracle Gardens. The project will be delivered by 2020 and the commercial value is AED 300 million.
Mubasher: What is the latest development of the Lawnz Project in the International City?
Atif Rahman: The Lawnz Project is a gated community of 1,032 residential units that also has retail and recreational facilities for the residents of the Lawnz community. The project has been sold out and it is currently in the tendering process.
Mubasher: Are there projects coming for your company? Is the company planning to expand locally and/or regionally?
Atif Rahman: We have showcased another large project to visitors at the Cityscape Global exhibition. We are planning to launch the project in January, 2019. Followed by that, we have some major projects planned for 2019.
Mubasher: What is the total size of the company's real estate portfolio?
Atif Rahman: Danube Properties portfolio exceeds AED 4 billion involving 5,019 units in 12 projects. Danube Properties delivered 831 residential units worth AED 1.12 billion including 171 townhouses within Dreamz project worth AED 500 million in March 2018.
Mubasher: Will the company enter into any mergers in the coming period?
Atif Rahman: Mergers and acquisitions are not on the cards. We want to grow organically, as we see enough opportunity for us to grow in this market on our own.
Mubasher: What other markets are targeted to expand after the UAE? What about the expansion of the company regionally and internationally?
Atif Rahman: We are expanding our sales presence by either setting up offices or by appointing agents to boost inward investment in Dubai’s real estate sector across all continents. We have our branch offices in Abu Dhabi, Riyadh, Bahrain, Oman, Mumbai, Delhi, Kochi, and China.
Mubasher: Why did not the company tap the money market for growth?
Atif Rahman: Since we are comfortably placed with our sales success and growth on our own, we do not need to raise capital from investors or the public. Our business is growing independently and we are also delivering properties without having to tap the capital markets or seeking equity investors. Therefore, we do not need to tap the money market.
Mubasher: What is your vision of the real estate sector in the UAE in general, and what are your expectations for 2018 and 2019?
Atif Rahman: Our vision is to achieve the utmost customer happiness and be the developer of customers’ choice. That way, we want to be the best developer – to be endorsed by our home-owners. That’s our prime vision. Also, we had made affordability our mission to support our vision – to help middle-income households – who had earlier been priced out, to become home-owners. We are happy that we have made hundreds of families happy home-owners who used to live in rented homes. They now call Dubai their happy home happily.
The year 2019 will be another adventurous year for the real estate sector and only the tough ones will navigate through the year. Developers with credibility and a history of on-time delivery of quality homes will do well.
